Local firm

Australia considered a highly-potential market for local firmsTam An Vietnamese consumers have shown a high demand for products imported from Australia, including beef - PHOTO: TL HCMC – Vietnamese consumers have shown a high demand for products imported from Australia, but domestic businesses have yet to fully exploit the potential of this market, according to a speaker heard during a seminar on Vietnam-Australia trade held on Monday. At the seminar, jointly held by Tien Thinh International Migration and Investment Consulting Co Ltd and the Vietnam Chamber of Commerce and Industry (VCCI), Gary Dawes, a trade promotion senior consultant and representative of the Business Council of Australia, said there exists an imbalance in bilateral trade between the two countries. Accordingly, Vietnam currently ranks 13th among Australia’s 15 largest importers, but is not listed as one of the 15 countries exporting the largest volume of goods to Australia. Under the … [Read more...] about Australia considered a highly-potential market for local firms

Viet Nam News HÀ NỘI — The Việt Nam Industry Agency under the Ministry of Industry and Trade (MoIT), in partnership with the International Finance Corporation (IFC), a member of the World Bank Group, officially launched the Việt Nam Supplier Development Programme (SDP) in Hà Nội on Thursday. This programme is aimed at helping Vietnamese companies become suppliers for multinational enterprises, while enabling existing suppliers to expand their business and share of added value. Recently, multinational enterprises (MNEs) have implemented a number of large investment projects in Việt Nam, providing opportunities to expand domestic supply to these companies. One of the obstacles, however, is the lack of suppliers in the country meeting global standard requirements. Given the scenario, the two-year SDP aims to help domestic suppliers meet the requirements of MNEs including quality, price and delivery throughout the value chain in … [Read more...] about Programme to support local firms

Local companies should add more value to their products before selling them to foreign distribution channels. They should not focus too much on cheap prices or low labour cost that does not generate real value for the products. Yuichiro Shiotani, director general of Aeon Top Value Viet Nam made the statement at a training workshop, “Supporting Vietnamese enterprises’ participation in foreign distribution networks”, held in Ha Noi on Tuesday. Prime Minister Nguyen Xuan Phuc was present at the event. He said Aeon Top Value had been working to put a number of made-in-Viet Nam products, which were available in Aeon Viet Nam retail stores, on the shelves of its stores in Japan. The workshop attracted participation of 180 exporters from northern provinces. The event was co-organised by the Ministry of Industry and Trade, Central Group of Thailand, Japan-based Aeon Group and Rungis International Market - the world’s largest wholesale food market - from France. The … [Read more...] about Central Group and Aeon help local firms expand foreign distribution networks

Local firm to build fertilizer factory in CambodiaBy Quoc Hung and Hong Phuc - The Saigon Times DailyHCMC, HANOI - Nam Sao International Corp. plans to develop a large fertilizer factory in Cambodia through cooperation with a Cambodian partner, the corporation said.Nam Sao International signed a contract with Cambodia’s Investment and Development Corp. (IDCC) to develop The US$65 million project that is a 90:10 joint venture and whose work will start in the fourth quarter is scheduled for completion in 20 months.The factory will have the capacity to supply 350,000 tons of fertilizer of various types per year during the first phase and then 500,000 tons per year for the Cambodian market to help stabilize future market prices, according to Nam Sao International.Company chairman and general director Tran Van Muoi said in a statement that this was a major project which the governments of both countries had entrusted to the company and would include three modern production lines … [Read more...] about Local firm to build fertilizer factory in Cambodia

Dreary market forcing local firm to pay dividends by flatsBy Dinh Dung - The Saigon Times DailyHuynh Huu Phuoc, chairman of CIC8, explained in a statement sent to shareholders that if shareholders endorsed the plan, the company could reduce the number of unsold flats. The firm has proposed two methods for dividend repayment, with one of them transferring apartments or land lots to shareholders instead of paying cash dividends.The projects developed by CIC8 include Green building in HCMC’s District 9, Metro Tower in Di An District in Binh Duong Province, Hung Phu urban area in Cai Rang District in Can Tho City and Dong Nam Thuy An urban area in the central province of Thua Thien-Hue.If shareholders disapproved this proposal, the company would pay dividends in cash over a period of one year, from January to December next year, with a monthly interest rate of 2%.CIC8’s deputy director for business and investment, Huynh Kim Thuy, said this way could help the company push down … [Read more...] about Dreary market forcing local firm to pay dividends by flats

Opportunities await local firms in Middle EastVan Nam By Van Nam - The Saigon Times Daily HCMC - Producers of furniture, building materials, seafood, farm produce and other products have more opportunities to boost their exports to the Middle East as trade between this region and Vietnam has been expanding and many big-ticket construction projects are in the offing in this region. Le Ba Ngoc, Vietnamese trade counselor in Kuwait, told a seminar on business opportunities in the Middle East in HCMC last week that the Kuwaiti government had passed a number of huge infrastructure projects, including building 50,000 villas, six big hospitals and a city for 400,000 citizens. Ngoc noted that China’s wooden products used to hold 90% Kuwaiti market share in previous years but consumers in that Middle East market was paying more attention to Vietnamese furniture because of stable quality and eye-catching designs. In addition to exports of furniture and building materials, Kuwaiti consumers … [Read more...] about Opportunities await local firms in Middle East

HSBC: 2012 remains challenging for local firmsBy Binh Nguyen - The Saigon Times DailyMajor challenges for SMEs remained when the world’s woes and credit growth control in Vietnam were taken into account, Pham Hong Hai told the Daily after a business luncheon entitled “Vietnam Macro Outlook & Visibility Creates Opportunities” last week.“There will be businesses unable to deal with difficulties,” Hai said. He pinpointed cash flow and the access to credit sources as among the major challenges for SMEs next year because banks still scrutinized corporate borrowers when the mobilizing interest rate was still capped as currently.It is too early to say that 2012 would be bright for businesses when considering global uncertainties, although inflation, borrowing and lending interest rates were poised to go down, Hai said at the event organized by the Malaysian Business Chamber in Vietnam (MBC).He said the monetary and fiscal policies that the Government was … [Read more...] about HSBC: 2012 remains challenging for local firms

Most local firms lagging in 4th industrial revolutionMinh Tam HCMC – The fourth industrial revolution, which entails Internet of Things. intelligent robots. self-driving cars, and genetic editing, among others, remains quite new to domestic enterprises. A majority of Vietnamese businesses, especially those in the finance and accounting sectors, have just entered the third industrial revolution, heard an annual conference held on May 31 by the Vietnam Association of Certified Public Accountants (VACPA) and the Association of Chartered Certified Accountants (ACCA), the global body for professional accountants. Most Vietnamese firms are still in the third revolution, said Will Nguyen, director of information technology (IT) advisory services at KPMG Vietnam. He added just a small fraction of domestic enterprises, especially those having annual revenues of US$500-700 million, are working forwards the fourth industrial revolution. Le Thanh Binh, chief financial officer … [Read more...] about Most local firms lagging in 4th industrial revolution

Nguyen Loc An, Deputy Head of the ministry’s Domestic Market Department, said the economy saw positive changes last year.The prices of energy and agricultural products saw an increase last year while those of metal items reported a decrease. Vietnamese agricultural products sold in a Metro Supermarket in Hanoi The goods market has been relatively stable thanks to cooperation among the ministries and localities, bringing down the consumer price index (CPI) to a low growth rate of 3.53 percent for 2017, lower than the Government’s target. The total revenue from retail sales and services reached VND 3.93 quadrillion (USD 174.85 billion) in 2017, surging 10.9 percent year on year.Tran Duy Dong, Director of the department, said the country’s goods market this year would be affected by the price increase trend of materials and fuels in the world since the end of 2017. On the other hand, abnormal changes in the weather will also have an impact on the … [Read more...] about Ministry to promote competitiveness of local firms